- Greg Mankiw seems to be arguing for a European-type separate master + PhD graduate Econ program– such as those at LSE, Oxford, Pompeu Fabra, Tinbergen Institute, and (I guess) the newish Paris School of Economics entity– rather than the US-type graduate PhD package, which comes with a (usually elective) master on the way (that is somewhat ironic, given the desire of the typical high-aspiring European place to ultimately emulate the US top places).